The race took over downtown during Labor Day weekend last year. But Baltimore Racing Development still owes $1.5 million to the city, as well as money to vendors. The city has severed ties with BRD.

"Forty-seven million dollars in economic impact," Mayor Stephanie Rawlings-Blake said in describing last year's Grand Prix. "We had the opportunity to showcase our city in a positive way all over the world, and it's hard to put a dollar figure on that. I think it's in the best interest for our local economy, the best interest in the city that we move forward, but move forward without any risk to taxpayers."

11 News reporter Kim Dacey said the new contract has provisions to protect the city and ensure it doesn't lose money again.

The price of every ticket will include an amusement tax, a ticket surcharge and a community impact fee. That money goes to the city, with some going into a lockbox escrow account, Dacey said.

The new promoters have to comply with the mayor's Employ Baltimore executive order, meaning 25 percent of contracts go to Baltimore-based businesses and at least 35 percent of event workers come from Baltimore.

The city will have the right to audit Downforce Racing's records at any time, and the promoter agrees to try to work with vendors from the 2011 race.

"They reserve the right to make sound business decisions, but they understand what they're walking into with respect to the vendors," Rawlings-Blake said.

Many restaurants and businesses outside the immediate track area didn't get an expected boost in sales from last years' Grand Prix.

Kirby Fowler of the Downtown Partnership said a few things can be changed to make sure race visitors get out and see more of the city.

"One way is to increase the number of skywalks in and out of the race, but also to minimize the events that occur after the race," Fowler said. "There should be, in our own opinion, no concerts after the race. At 6, everybody should get out and enjoy the rest of the city."

The three leaders of Downforce Racing have led race operations for Grand Prix races in St. Petersburg, Fla., and Toronto. They also have extensive financial management experience.

Two of the group's partners are also Baltimore residents and have deep roots in the community.

"With prudent business management, this event will be successful for the city and state, and we look forward to working with the people of Baltimore to host a great sporting event that benefits the city and the local economy this year, and in the years ahead," said partner Dale Dillon.

The city said it expects to generate about $1.7 million in direct revenue at this year's event.

Last year's Grand Prix drew nearly 160,000 people to the city.

The Board of Estimates will vote on a finalized contract on Feb. 22 after a public review period. Anyone who wants to comment on the new contract can send their thoughts to mayor@baltimorecity.gov.